Niyo also recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank.

Bengaluru-based Fintech startup Niyo acquires personal finance startup Index
Atom Fintech Thursday, June 10, 2021 - 15:36

Digital banking fintech startup Niyo on Thursday said it has acquired Bengaluru-based personal finance startup Index for an undisclosed sum. The Index team including founders Anand Krishna and Kumar Siddhartha will join Niyo.

Niyo said it plans to integrate Index's personal finance tracking features into its products, especially NiyoX, that will give users access to a 360-degree view of their earnings, savings, investments, insurances in a single view.

Customers will also get nudges to plan their expenses, pay bills and save. "The aggregation and analytical capabilities of Index will help expand NiyoX's functionality to equip users with the valuable insights they need to meet their financial goals," said Vinay Bagri, Co-Founder and CEO of Niyo.

This is Niyo's second acquisition after acquiring Goalwise around mid-2020. Niyo recently launched its 2-in-1 savings and wealth account NiyoX in partnership with Equitas Small Finance Bank.

NiyoX is a zero balance account and is specially designed for millennials, with an industry-best interest rate of 7%, as well as  0% commission on mutual funds, and a full wealth management suite built right into the app, the company said.

Within two months of its launch, NiyoX saw over 200,000 customer account openings according to the company.

"Niyo is the market leader in neo-banking in India and Index will only strengthen that leadership position. The technology, cultural and team fit is excellent, and we're really looking forward to working with Vinay, Virender and Team Niyo," said Krishna, Co-Founder and CEO of Index.

NiYO, which offers neo-banking solutions, had announced in 2019 that it had raised fresh funds to the extent of $35 million. This was part of the Series B funding for the company and the key investors in the round were Horizons Ventures and Tencent, and existing investor JS Capital too had participated.

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